AML Policy

Flangar Anti-Money Laundering Policy

Flangar Ltd. is a Limited Liability Company operating in Ghana. We are committed to ensuring that we maintain good ethical business practices by making every effort to remain in full compliance with all applicable anti-money laundering laws, rules and standards in force in Ghana.

To achieve this objective we have prepared this Anti-Money Laundering Policy (“AML Policy”) and request you to carefully read and follow the policy. This policy is in addition to your obligations under applicable laws on the prevention of money laundering and does not detract in any manner from those obligations. We urge you to be aware of your obligations under such applicable laws. Flangar’s ability to comply with its obligations under applicable law is dependent on your cooperation and we seek your cooperation via this policy. To ensure that we are not involved in any money laundering transactions, users of the Flangar platform are urged to promptly contact us or the government if they suspect or notice any money laundering activity on the platform in order to facilitate any action that may be needed. This money laundering policy applies to all persons using and accessing Flangar’s platform. This includes all creators, backers, and persons visiting our platform. All these persons are collectively referred to as “Users” or “users”

To facilitate compliance with anti-money laundering requirements, Flangar has appointed an ANTI-MONEY LAUNDERING COMPLIANCE OFFICER to oversee its anti-money laundering program. We do the following:

(a) Developed and implemented written anti-money laundering policies, procedures, internal controls and systems, which include but are not limited to:

(i) KYC(Know Your Customer) identification program and procedures;

(ii) procedures to collect and refresh, as appropriate, user due diligence information;

(iii) processes to assess user risk;

(iv) processes and systems to monitor user transactions and activity;

(v) processes and systems to identify and report suspicious activity; and

(vi) processes to keep required records.

 

(b) Enroll directors and all staff in training programs related to anti-money laundering detection and prevention procedures.

(c) We subject our anti-money laundering policy to regular independent audit.

(d) Flangar Ltd. cooperates fully with law enforcement and regulatory investigations and inquiries, does not do business with blacklisted entities and is compliant with all legal provisions.

(e) Flangar Ltd. complies fully with AML Laws, Regulations and Circulars etc., issued by the Financial Intelligence Centre (FIC), and other relevant authorities.

 

AML Policy is Part of our Terms

This AML Policy is a part of and incorporated within, and is to be read along with our Terms of Service (the “Terms”).

Policy Changes

Flangar may change and update this AML Policy from time to time. Such changes may be made without prior notice, but any changes will only apply to activities and information on a going forward, not retroactive basis. You are encouraged to review this AML Policy whenever you access the Site. 

Definition of Key Terms

“Money laundering” is largely understood to mean any act or attempt (directly or indirectly and even by association in one step of a series of transactions) to conceal or disguise the origin and ownership of proceeds obtained illegally, such that it appears to have originated from legitimate sources; thus avoiding prosecution, conviction and confiscation of such proceeds. It involves the introduction of assets derived from illegal and criminal activities (predicate offences) into the legal financial system and business cycle. These predicate offences include drug trade, child trafficking, terrorism financing, forgery of money, organized crime etc.

Generally, there are three (3) stages of money laundering:

(a) Placement: This involves the introduction of illegally obtained assets/funds into the financial or non- financial institutions.

(b) Layering: This involves conducting a series of simple or complex financial transactions aimed at concealing the source or identity of the assets. The transactions are designed to hamper the audit trail, disguise the origin of the funds/assets and provide anonymity.

(c) Integration: This involves placing the laundered proceeds back into the economy in such a way that the funds/assets re-enter the financial system as apparently legitimate funds.

It must be noted that, these stages are not static and overlap broadly.

Recognizing transactions involving money laundering requires awareness of possible suspicious activity, which may arise at any time. Users of the Flangar platform should be careful of the following list of money laundering actions. This list is not exhaustive, as every circumstance is not foreseeable. However, regardless of appearing together or individually, please be aware of the following situations that may be indications of money laundering activity:

(a) Users that are reluctant to provide complete information, or those that provide incomplete, false or suspicious information and/ or are unwilling to comply with Flangar’s identification requirements;

(b) Users that appear as agents or representatives for other individuals or organizations, but refuse to provide complete information about such individuals or organizations;

(c) Any person, including a Flangar employee, that is concerned about or seeks to avoid any reporting requirements or refuses to maintain required records;

(d) Payments made in cash or cash equivalents only (such as money orders, traveler’s cheques, internet currencies, or prepaid cash cards);

(e) Donations of large amounts that appear to be out of place or inconsistent with normal donation patterns, in the absence of any legitimate requirement for such donation;

(f) Requests for payments to be made in unrelated countries or to third parties;

(g) Multiple partial payments from various parties on behalf of a single user and/or multiple partial payments from various locations;

(h) Users making payments in one form, then requesting refunds in other forms (for example, making payments by credit card, but requesting refunds in cash or by wire transfers);

(i) Users making contributions, followed by immediate requests to wire out or transfer the funds to a third party or firm, without connected purposes;

(j) Users requesting for donations to be paid in cash or wired to a third party or firm, without connected purposes;

(k) On-boarding of users by Flangar employees based on incomplete information or in contravention of Flangar’s policies;

(l) Acceptance of incentives by a Flangar employee for breaching Flangar’s policies;

(m) Users connected to countries and/ or persons identified as non- cooperative by the FIC, Financial Action Task Force on Money Laundering established by the G-7 Summit in 1987, Office of Foreign Assets Control, US Department of Treasury and international organizations against money laundering.

Objectives

Flangar Ltd. (“the Company”) is committed to the highest standards of Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) compliance and requires Management and employees to adhere to these standards to prevent use of its products and services for money laundering/ terrorist financing purposes.

The Company will examine its AML/CFT/P strategies and objectives on an ongoing basis and maintain an effective AML/CFT/P policy that reflects best practices. Compliance with this policy is the responsibility of all Directors, Management and employees.

The policy is formulated and directed by the Anti-Money Laundering Reporting Officer (AMLRO). The program includes clients screening and monitoring requirements, Know Your Customer (KYC) policies, sanctions policy, record-keeping requirements, reporting of suspicious transactions in accordance with established AML/CFT/P framework.

The standards set out in this policy are minimum standards based on applicable legal and regulatory requirements and applies to the entire Company. The requirements are intended to prevent the Company, its employees and clients from being used for money laundering, terrorist financing or other financial crime. Thus, the policy establishes the general framework for the fight against money laundering and financing of terrorism.  

Financing of Terrorism is providing funds directly or indirectly knowing that the funds are to be used to fund terrorist acts or organizations.

Minimum Requirements

The following minimum requirements shall be adhered to:

(a) Know Your Client (KYC)

There shall be implemented a KYC manual that shall provide detailed KYC requirements for various classes of Users. During activation of User Accounts or while undertaking any transactions like Campaign fund withdraws or for any other reason, Flangar may require for the purposes of verification of any User’s identity, following details:

(i) For Individuals: One copy of any Government issued Identification Document containing their identity and address details; one recent photograph; any other documents pertaining to business/financial status of such individual as may be prescribed by Flangar from time to time;

(ii) For Limited Liability Companies: One copy each of the Certificate of Incorporation; Certified true copy of Form 3 of the registration documents; Board resolution authorizing to transact on Flangar; Identification Documents containing identification and address details of the individual authorized to transact along with a copy of such authorization document;

(iii) For Partnerships: One copy each of the Incorporation Certificate; partnership deed; Identification Documents containing identification and address details of the individual authorized to transact along with a copy of such authorization document;

(iv) For Non-profits: One copy each of the Incorporation Certificate;  Certified true copy of Form 3 of the registration documents; Identification Documents containing identification and address details of the individual authorized to transact along with a copy of such authorization document;

Users must ensure that all copies of aforementioned Identification Documents are duly certified.

For the purposes of verification of any User’s identity, Flangar shall implement appropriate ID verification platforms of third-parties for verification of Users and third parties’ identities. 

If Flangar finds any User information obtained in accordance with the procedure described under this Clause to be inadequate, insufficient, or enlisted on the Sanctions Lists, Flangar may in its discretion either refuse or terminate (as the case may be) the registration of such User Account or require verification of such.

(b) Customer Identity must be ascertained:

(i) When a new User creates a Flangar account;

(ii) Whenever a User makes a donation or requests to make a withdrawal;

(iii) Anytime a third party requests whether through writing or digital means to make a withdrawal on behalf of a Creator;

(iv) Whenever a User makes a donation of GH¢5,000 and above or its equivalent in foreign currency;

(v) When a User updates account details;

(vi) Whenever there are doubts about the veracity or adequacy of previously obtained User identification data;

(vii) There is a suspicion of money laundering or terrorist financing.

(c) Due Diligence on Contractual Parties: We shall implement appropriate due diligence measures on all entities and individuals we enter into agreements with.

(d) Monitoring: Permanent monitoring of user’s activities shall be implemented to detect unusual/suspicious transactions. The Head of Accounts shall monitor and report any unusual payments to the AMLRO by way of Suspicious Transactions Reports.

(e) Forbidden Businesses: No business shall be transacted with to anonymous users or companies (including Partnerships or Non-profits) with fictitious names.

(f) Suspicious Transactions Reporting (STR)– Management and staff are encouraged and mandated to immediately report all suspicious transactions to the AMLRO for further investigation and report to the FIC. STRs must be filed when a User:

  • Presents fake documentation; or
  • Is found to have been suspect in news publications e.g. Wanted Persons etc.; or
  • Is involved in identity theft, that is, presents fake Identity card to impersonate someone else in order to create a Flangar campaign or withdraw donations.

(g) Employee Monitoring: There shall be zero tolerance for directors, management, and staff who engage in fraudulent activities. Such persons shall be deemed unfit to work with Flangar and their appointment terminated.

(h) Anti-Money Laundering Controls: The AMLRO shall ensure by adequate user and business-related controls that all applicable AML/CFT/P/P requirements are adhered to and properly functioning.

(i) Anti-Money Laundering Training: All employees (temporary and permanent) and accountants shall undergo periodic AML/CFT/P training. Initial training shall be conducted as part of orientation program for newly recruited staff and subsequently every two (2) years. Training shall however be risk-based and shall focus largely on platform managers and accountants. Directors shall also be trained periodically.

(j) Anti-Money Laundering Risk Analysis: Flangar shall set up systems to assess the level of client risk and implement appropriate mitigation measures. Additionally, we shall undertake comprehensive AML/CFT/P risk assessment prior to the launch or use of new features, products, services, practices and technologies and take appropriate measures to manage and mitigate the risks.

(k) Politically Exposed Persons (PEPS)– The AMLRO shall maintain a list of PEPs. The list must be updated monthly and sent to accountants. PEPs are individuals who are or have been entrusted with prominent public functions both in Ghana and foreign countries and those associated with them. They include:

  • Heads of State or government
  • Ministers of State
  • Politicians
  • High ranking political party officials
  • Senior public officials
  • Senior Judicial officials
  • Senior military officials
  • Chief executives of state-owned companies/corporations.
  • Diplomats and reps of foreign countries and organizations
  • Family members or close associates of PEPs
  • Businesses/ organizations belonging to a PEP

The PEPs List will also contain names of High Risk and Blacklisted Persons or entities. 

(l) AML/CFT/P Software– Flangar shall implement Anti-Money Laundering software depending on its exposure to AML/CFT/P risk, upon approval by the Board.

 

Roles and Responsibilities

(a) Board of Directors

The Board of Directors shall approve the AML policy and oversea compliance.

(b) Anti-Money Laundering Reporting Officer (AMLRO)

The AMLRO shall be equipped with the relevant competence, authority and independence to implement this policy. The duties of the AMLRO include:

(i) Developing and ensuring compliance with the Company’s AML/CFT/P policy;

(ii) Receiving and vetting Suspicious Transaction Reports (STR) from employees;

(iii) Filing and CTRS and STRs with the FIC;

(iv) Co-ordinating the training of Directors, employees and accountants in AML/CFT/P awareness, detection methods and reporting requirements;

(v) Being a point-of-contact for employees on issues relating to money laundering and terrorist financing;

(vi) Filing appropriate returns/reports at Bank of Ghana and GRA;

(v) Supervising the monitoring of employee’s Policies for signs of money laundering;

(vi) Oversee compliance with record keeping and independent testing;

(vii) Maintaining a Register of enquiries made by the FIC and other law enforcement agencies.

(viii) Maintaining a list of domestic PEPs, High Risk and Blacklisted Persons.

Capacity Development

The training program shall encompass all Board of Directors and Employees. For newly recruited Employees, AML/CFT/P training shall form part of the orientation program.

The timing, coverage, and content of the employee training program must meet the Company’s perceived needs. And must be commensurate with the established level of AML/CFT/P risk that the Company is exposed to. Training will be risk-based with a focus on the following category of persons:

(a) Accountants: KYC begins with gathering the right information about the client.

(b) Platform Managers: Review the information above and risk rate to ensure that high-risk persons are not on-boarded.

(d) Donation Managers: Ensure that payments are made to rightly identified persons.

 

The Training program shall be developed at the beginning of every year by the AMLRO in collaboration with the relevant departments. Training may be conducted internally by qualified staff or by external resource persons. The basic elements of the employee training program shall include:

  • The nature of money laundering
  • Money laundering ‘red flags’ and suspicious transactions
  • Reporting requirements
  • Customer due diligence
  • Risk-based approach to AML/CFT/P
  • Record keeping and retention policy
  • Regulations and offences

Whistle Blowing

Employees must co-operate fully with the FIC and other enforcement agencies to ensure compliance with the AML/CFT/P laws. Employees must report all violations of this policy to the AMLRO. Such reports shall be confidential and the whistle blower shall be protected from victimization. Any violations by the AMLRO must be reported to the Chief Executive Officer.

Record Keeping

The Company shall keep records of the following:

  • Data of all accounts on the Site
  • Types and details of ID cards used by Users for account creation and transactions;
  • All CTR and STR made to the AMLRO & FIC.

Independent Audit

Independent internal audit of the AML/CFT/P policy and its implementation shall be conducted by the Internal Audit Department annually and a written Report of Compliance made available to the Board Audit & Risk Committee. The Report of Compliance must be submitted to the FIC.

This policy shall be reviewed periodically to reflect all new risks of money laundering identified. The revised Policy upon approval by the Board shall be submitted to the FIC. Where new areas of risk are identified, additional procedures shall be designed in the form of a Contingency Plan and submitted to the FIC.

To contact our AMLRO, please email, legal@flangar.com.

You can make an appointment to visit the office;

Ring Road West,

Inside the Accra Digital Center

Circle, Accra  

Ghana

To the extent allowed by law, the English version of this Policy is binding and its translations in other languages are for convenience only; in case of discrepancies between the English version of this Policy and its translations, the English version shall prevail.